Page 7 - Oil Prices

Oil prices steady as US storm threat abates, China stimulus disappoints

Brent crude futures fell 9 cents, or 0.1 per cent to $73.78 a barrel by 0916 GMT while US West Texas Intermediate crude futures were at $70.23 a barrel

Oil falls over 2% on receding US hurricane risk, lackluster China stimulus

Energy producers shut in more than 22 per centof oil output in the US Gulf of Mexico by Thursday as a precautionary measure to brace against Hurricane Rafael

Oil prices fall marginally as Hurricane Rafael expected to start weakening

Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut, is expected to move slowly

Oil prices trade in tight range ahead of US Presidential poll result

Brent crude futures ticked up 16 cents, or 0.2 per cent, to $75.24 a barrel by 0841 GMT, while US West Texas Intermediate crude was at $71.65 a barrel, up 18 cents, or 0.3 per cent

Jet fuel price hiked 3.3%, commercial LPG rises Rs 62 per cylinder

Jet fuel, or ATF, price on Friday was hiked by 3.3 per cent and rate of commercial LPG used in hotels and restaurants increased by Rs 62 per 19-kg cylinder in the monthly revision done in line with international oil price trends. The aviation turbine fuel (ATF) price was increased by Rs 2,941.5 per kilolitre, or 3.3 per cent, to Rs 90,538.72 per kl in the national capital, according to state-owned fuel retailers. The hike comes after two rounds of reduction that had taken the rates to their lowest this year. ATF price on October 1 was cut by 6.3 per cent (Rs 5,883 per kl) and by Rs 4,495.5 per kl, or 4.58 per cent on September 1. The ATF rate in Mumbai was increased to Rs 84,642.91 per kl on Friday from Rs 81,866.13 previously. Oil firms also increased the price of commercial LPG by Rs 62 to Rs 1,802 per 19-kg cylinder. This is the fourth straight monthly hike in commercial LPG prices. Prices were hiked by Rs 48.5 to Rs 1,740 on October 1. Prior to that rates were increased by Rs

Oil prices rise on reports of Opec+ delaying plans to boost output

Brent crude futures gained $1.41, or 2 per cent, to $72.53 a barrel by 1236 GMT. US West Texas Intermediate crude futures edged up $1.34, or 2 per cent, to $68.55 per barrel

Crude oil strategy today, Oct 29: Short the rally; WTI resistance at $70

Oil price today: Crude oil prices tumbled 6 per cent on Monday, with Brent settling under $72 and WTI at $67.38

Oil prices slide 5% after limited Israeli retaliatory attack on Iran

Brent futures were down $4.13, or 5.43 per cent, at $71.92 a barrel at 1445 GMT, while WTI US crude futures lost $4.04, or 5.63 per cent, to $67.74

Israel strike on Iran may add to market woes; oil prices remain key

Experts said positive thing from the markets was Iran downplaying the attack by Israel, which was limited to missile and air defence sites and avoided nuclear, oil, and civilian infrastructure sites

Oil prices up due to West Asia conflict, watching situation carefully: Puri

With global oil prices flaring due to widening conflict in the Middle East, India is watching the situation carefully and is confident of navigating any challenges it may pose, Oil Minister Hardeep Singh Puri said on Monday. International oil prices have flared to over USD 78 per barrel from about USD 70 per barrel, as the market waited to see if Israel would retaliate against Iran for a missile attack last week. "We are watching the situation very very carefully," Puri said at ExxonMobil Global Outlook 2024 here. Energy availability, he said, can be affected if there is an escalation in the Middle East. But supplies are not impacted and India, the world's third largest oil consuming and importing nation, is confident of being able to navigate any situation. "I am confident, we will be able to navigate as we did previously," he said. Puri said there is no shortage of oil and India is confident of sourcing its requirement. After the Iranian missile attack, it is being speculated

Asia shares fall, oil set for weekly gains on Middle east tensions

The Nikkei has had a choppy few sessions this week as investors weighed the rising geopolitical tensions against the domestic rate outlook

Oil gains up by 4% on supply concerns as West Asia conflict intensifies

There are concerns that such escalation could prompt Iran to block the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019

Oil prices rise 2% on US interest rate cut, helps Brent crude recover

Crude prices were also being boosted by rising tensions in the Middle East, said Tim Snyder, chief economist at Matador Economics

Price cut before Maha elections in question as global oil market volatile

International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below USD 70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at USD 74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at USD 71.71. A decline in price of crude oil -- which is converted into fuels like petrol and diesel at refineries -- had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction earlier this year. "Oil prices continue to be volatile. They fell one day last week to below USD 70 but rose the day after," the official, speaking on condition of anonymity,

ONGC, OIL rise up to 2.5% as govt cuts windfall tax on crude oil to nil

Govt cuts windfall tax to nil: On Tuesday, Centre scrapped windfall tax on crude oil from Rs 1,850 per tonne amid ease in oil prices

Oil prices rise almost 2% on fears over hurricane impact on US output

On Thursday the International Energy Agency (IEA) cut its 2024 oil demand growth forecast by 70,000 bpd, or about 7.2 per cent, to 900,000 bpd, citing muted Chinese demand

Crude oil prices fall on demand concerns, Brent below $70, near 3-year low

On Tuesday, the Organization of the Petroleum Exporting Countries (Opec) in a monthly report said world oil demand will rise by 2.03 million barrels per day (bpd) in 2024

Opec+ discusses to delay planned oil output hike amid low prices: Report

Last week, the group looked set to proceed with a 180,000 barrel per day (bpd) hike in October, but market volatility and a weak demand outlook have raised concern

Oil strategy today: WTI crude may test support of $72, MCX Crude 6050

Crude oil trading strategy today, Aug 29: Weakness in the crude crack spread is bearish for oil prices

Oil up 3% on Israel-Hezbollah war, Libya oil field closure; how to trade?

Brent crude, WTI oil trading strategy today, Aug 27: We expect oil prices to face immediate resistance of $80 and the rally would find it difficult to sustain above it